Following the Uniswap Foundation’s plan to “reward UNI holders who have staked and delegated their tokens,” UNI saw a 50%+ increase in value.
Over the past 24 hours, the Uniswap decentralised exchange’s governance token has increased by more than 50%, hitting a two-year high of $12.73.
The trading volume of UNI has increased by 1,200% today to $1.33 billion. UNI has taken up position 15 on CoinMarketCap with a market valuation of $6.7 billion.
This performance follows the Uniswap Foundation’s suggestion to modernise the protocol’s governance structure.
In his proposal, Erin Koen, the governance lead at Uniswap Foundation, stated that the “upgrade would reward UNI holders who have staked and delegated their tokens.
In his proposal, Erin Koen, the governance lead at Uniswap Foundation, emphasized the significance of rewarding UNI holders who have staked and delegated their tokens.
By incentivizing active participation and engagement from UNI holders, the proposed upgrade not only aims to enhance the platform’s decentralization but also seeks to strengthen the sense of community ownership and responsibility.
This strategic approach aligns with Uniswap’s overarching vision of fostering a robust and inclusive ecosystem where every participant has a stake in the platform’s success
You may also like: Best Ethereum Gambling Sites in 2024
Enhancing the fee structure to “reward UNI token holders that have delegated and staked their tokens” on the platform is another aspect of the idea.
As Koen stated,
“Specifically, we think that holders of UNI tokens will have an incentive to select delegates whose participation and votes will contribute to the expansion and success of the Protocol.”
On March 1, 2024, a snapshot vote will be held on this proposal; on March 8, 2024, an on-chain vote will be posted.
Following the launch of “Uni.eth” subdomains by Unisswap utilising the Ethereum Name Service (ENS) infrastructure, Koen’s proposal enables users to translate intricate hexadecimal Ethereum addresses into names that are readable by humans.
Uniswap Labs stated that “uni.eth is a readable username that makes it easy to receive crypto and build your web3 profile” in a statement posted on the social networking platform X on February 22.
The Uniswap mobile app allows users to freely claim their uni-eth name.
According to Coinglass data, Uniswap has been the most liquidated coin in the last hour as a result of the surge.
In a dramatic turn of events, the price of Uniswap’s native token, UNI, skyrocketed by an impressive 50% following the unveiling of a groundbreaking proposal centered around fee-sharing governance.
This significant surge reflects the market’s enthusiastic response to the potential evolution of Uniswap’s decentralized protocol, which has long been celebrated for its role in facilitating automated cryptocurrency trading.
The proposal, heralded as a milestone in Uniswap’s journey towards community-driven governance, aims to distribute a portion of the platform’s trading fees among UNI token holders, fostering greater alignment of incentives and bolstering the protocol’s decentralized ethos.
As news of the proposal spread across the cryptocurrency community, investors and enthusiasts alike rushed to capitalize on the promising development, driving Uniswap’s price to new heights.
This surge not only underscores the market’s appetite for innovative governance mechanisms but also highlights the growing recognition of Uniswap’s pivotal position within the decentralized finance (DeFi) ecosystem.
With the proposal signaling a potential shift towards more inclusive and participatory governance models, the remarkable price surge serves as a testament to the transformative power of community-driven initiatives in shaping the future of decentralized finance.
You may also like: Yabby casino sister sites
I appreciate your engagement with Crypto-betting.org and hope you find our latest updates informative and entertaining.
For more in-depth coverage and to stay connected, feel free to follow us on Facebook, Instagram or LinkedIn for the latest insights and discussions in the dynamic world of crypto and betting.
